Stock Market Update Friday April 5, 2024

Stock Market Update Friday April 5, 2024 Another strong payrolls report helped the bulls shake off yesterday’s late snafu, as the S&P 500 and Nasdaq 100 rose 1% and 1.2%, respectively, to each settle lower by about 1% for the week. However, the noteworthy aspect is that the data was largely disregarded, perhaps indicating weakness beneath the surface of the jobs report.

Away From Stocks: Treasury yields backed up across the curve with the 2-year note climbing eight basis points to 4.73% and the long bond closing at 4.54% from 4.47% Thursday. WTI crude tested $87 before retreating a bit below that bogey, gold snapped back to another closing high at $2,324 per ounce and the VIX ticked only modestly lower, finishing at 16.